Overview

Help combat rising interest rates with a floating-rate loan investment leader.2

Floating-rate loans have historically performed well in rising rate environments. Eaton Vance offers deep credit research and 20+ years of experience.

Not based on the return of any specific fund.

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
11/30/2016
Fund at NAV 0.21 1.88 10.00 8.60 3.20 4.91 4.19
S&P/LSTA Leveraged Loan Index3 0.26 1.97 8.90 7.76 3.35 4.97 4.59
09/30/2016
Fund at NAV 0.83 3.27 8.86 6.77 3.25 5.17 4.24
S&P/LSTA Leveraged Loan Index3 0.86 3.08 7.72 5.46 3.39 5.24 4.60
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Fund Factsas of Oct 31, 2016

Class I Inception 09/15/2000
Investment Objective High current income
Total Net Assets $1.3B
Minimum Investment $250000
Expense Ratio4 0.82%
CUSIP 277911541

Top 10 Issuers (%)5as of Oct 31, 2016

Reynolds Group Holdings Inc.
Transdigm Inc.
Valeant Pharmaceuticals International Inc.
Berry Plastics Holding Corporation
Ineos US Finance LLC
Infor (US) Inc.
Calpine Corporation
Kronos Inc.
Virgin Media Investment Holdings Ltd.
JBS USA LLC
Total 9.97

Portfolio Management

Scott H. Page, CFA Managed Fund since inception
Craig P. Russ Managed Fund since 2007
Michael W. Weilheimer, CFA Managed Fund since inception
Kelley G. Baccei Managed Fund since 2014
Stephen C. Concannon, CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2016
Fund at NAV 0.83 2.65 9.76 6.99 3.23 4.70 4.24
S&P/LSTA Leveraged Loan Index3 0.83 2.46 8.61 6.53 3.42 4.82 4.62
Morningstar™ Bank Loan Category6 0.65 2.17 7.82 5.49 2.63 4.25 3.31
09/30/2016
Fund at NAV 0.83 3.27 8.86 6.77 3.25 5.17 4.24
S&P/LSTA Leveraged Loan Index3 0.86 3.08 7.72 5.46 3.39 5.24 4.60
Morningstar™ Bank Loan Category6 0.77 2.93 7.12 4.90 2.69 4.71 3.30
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 7.20 1.91 -30.80 48.33 10.55 2.81 9.51 5.23 0.90 -1.49
S&P/LSTA Leveraged Loan Index3 6.77 2.02 -29.10 51.62 10.13 1.52 9.66 5.29 1.60 -0.69

Fund Facts

Expense Ratio4 0.82%
Class I Inception 09/15/2000
Distribution Frequency Monthly

Yield Information7as of Oct 31, 2016

Distribution Rate at NAV 4.30%
SEC 30-day Yield 3.79%

Morningstar™ Ratingsas of Oct 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Bank Loan
Category
Overall **** 241
3 Years **** 241
5 Years **** 187
10 Years **** 69
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Dec 02, 2016 $8.73 $0.00
Dec 01, 2016 $8.73 $0.00
Nov 30, 2016 $8.73 $0.01
Nov 29, 2016 $8.72 $0.00
Nov 28, 2016 $8.72 $0.00
Nov 25, 2016 $8.72 $0.00
Nov 23, 2016 $8.72 $0.00
Nov 22, 2016 $8.72 $0.01
Nov 21, 2016 $8.71 $0.00
Nov 18, 2016 $8.71 $0.00

Distribution History8

Ex-Date Distribution Reinvest NAV
Nov 30, 2016 $0.02879 $8.73
Oct 31, 2016 $0.03182 $8.74
Sep 30, 2016 $0.03204 $8.70
Aug 31, 2016 $0.03347 $8.66
Jul 29, 2016 $0.03217 $8.61
Jun 30, 2016 $0.03206 $8.52
May 31, 2016 $0.03296 $8.55
Apr 29, 2016 $0.03179 $8.52
Mar 31, 2016 $0.03315 $8.35
Feb 29, 2016 $0.03125 $8.13
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)9as of Oct 31, 2016

Floating-Rate Loans 76.68
Corporate Bonds 15.39
Other 1.69
Cash & Equivalents 6.24
Total 100.00

Portfolio Statisticsas of Oct 31, 2016

Number of Issuers 702
Average Coupon 4.99%
Average Maturity 4.60 yrs.
Average Duration 0.69 yrs.
Average Price $97.04

Sector Breakdown (%)5as of Oct 31, 2016

Electronics/Electrical 9.74
Health Care 9.00
Business Equipment & Services 6.61
Chemicals & Plastics 4.98
Retailers (except food & drug) 3.98
Oil & Gas 3.95
Financial Intermediaries 3.90
Industrial Equipment 3.67
Lodging & Casinos 3.40
Leisure Goods/Activities/Movies 3.24
View All

Credit Quality (%)10as of Oct 31, 2016

AAA 0.00
AA 0.00
A 0.00
BBB 5.90
BB 35.86
B 47.98
CCC or Lower 6.49
Not Rated 3.77
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating for the High Income Opportunities Portfolio's securities, then the Moody's rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

Maturity Distribution (%)9,11as of Oct 31, 2016

Less Than 1 Year 6.41
1 To 3 Years 16.49
3 To 5 Years 40.57
5 To 10 Years 36.06
10 To 20 Years 0.39
20 To 30 Years 0.05
More Than 30 Years 0.03
Equity/Other 0.00
Total 100.00

Assets by Country (%)9as of Oct 31, 2016

United States 85.35
Canada 4.63
Luxembourg 2.54
Netherlands 2.38
United Kingdom 1.76
Other 3.33

Loan Type (%)5,12,13as of Oct 31, 2016

First Lien 84.57
Second Lien 2.44

Fund Holdings9,14,15as of Oct 31, 2016

Holding Coupon Rate Maturity Date % of Net Assets
EV Cash Reserves Fund LLC 0.00% 7.87%
Infor Lawson 3.75% 06/03/2020 0.74%
Intelsat Jackson Holdings 3.75% 06/30/2019 0.69%
Avago Technologies Cayman Finance Ltd 0.00% 02/01/2023 0.68%
US DOLLARS 0.66%
Kronos Incorporated 0.63%
Endurance International (EIG) 6.48% 11/09/2019 0.63%
PPD 4.25% 08/18/2022 0.62%
Go Daddy 4.25% 05/13/2021 0.61%
Misys Turaz 6.50% 12/12/2018 0.58%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Commentary

A Word On The Markets as of Sep 30, 2016

Amid continued strength in the floating-rate loan market's technical conditions, the S&P/LSTA Leveraged Loan Index (the Index)3 delivered an appreciation-loaded 3.08% total return for the three-month period ended September 30, 2016. A backdrop of positive investor sentiment, limited expansion in loans' supply base, growth in structured product formation and renewed retail mutual fund subscriptions all played supportive roles. Quarterly results for the period included 1.27% in coupon income, plus an additional 1.81% market value return. Monthly returns during the period were 1.43%, 0.75% and 0.86% for July, August and September, respectively. Through September, the Index has experienced its strongest performance for the first nine months of a year since 2012, with year-to-date results of 7.72%.

As in the second quarter, aggregate demand outstripped net supply expansion during the period. Though quarterly loan volume increased significantly, supply expansion net of repayments contracted modestly with outstandings ending September approximately $4 billion lower than where they began the year. On the demand side of the equation, structured product demand increased to $20 billion for the period, while retail fund outflows about-faced to net inflows by quarter's end. Lipper reported that funds that report weekly flows took in over $2 billion in net subscriptions in the quarter, with momentum building toward the back half of the period. The strong technical condition in the market lifted prices.

On fundamentals, the par-weighted default rate declined to a five-month low of 1.95% on a last-12-months basis by the end of the quarter. The default rate remained low from a historical perspective, with about two thirds of these modest defaults having come by way of commodity-related issuers over this period – which collectively account for a limited corner of the overall market. From this respect, the majority of the asset class outstanding continued to remain in relatively benign shape fundamentally.

Performance Summary 

Eaton Vance Floating-Rate & High Income Fund (the Fund) outperformed the Index at net asset value for the quarter.

  • The Fund's credit-quality positioning generally contributed to performance relative to the Index.
  • An allocation to high-yield bonds contributed to performance relative to the Index, as the high-yield market generally outperformed loans.
  • On sectors, the Fund's exposure to metals & mining and commodity-related areas benefited performance relative to the Index.

Historical Returns (%)as of Sep 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.83 3.27 8.86 6.77 3.25 5.17 4.24
S&P/LSTA Leveraged Loan Index3 0.86 3.08 7.72 5.46 3.39 5.24 4.60
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.

Fund Factsas of Sep 30, 2016

Class I Inception 09/15/2000
Expense Ratio4 0.82%

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • Lower-quality market segments outperformed during the quarter, with CCC-rated and defaulted loans experiencing the strongest performance. The Fund's overweight to higher-quality loans in the B ratings range – which outperformed the market at large – contributed more than enough to counterbalance the impact of being underweight riskier loans.
  • The Fund's allocation to high-yield bonds – a strategic element of its investment strategy – aided performance relative to the Index, as high-yield bonds outperformed loans for the quarter. The Index does not include high-yield bonds.
  • Oil & gas and metals & mining loans in the Index returned a robust 8.61% and 7.07%, respectively. As a result, the Fund's modest overweights to these segments served as a relative tailwind – as did security selection in these areas.
  • The Fund's avoidance of a large and often volatile Index name in the utilities sector was a contributor, as this issuer experienced downside volatility during the quarter.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • The Fund remained underweight to the better-performing, higher-credit risk tiers of the market, although the limited weight of these segments kept the relative impact limited.

Investment Outlook And Fund Positioning 

We remain constructive on the credit risk profile underlying the loan market. While the default rate is a lagging indicator, the distress ratio – defined as the percentage of performing loans trading below $80 – can often paint a clearer picture about the path of forward default probabilities. Through September, the ratio was 4.95%, the lowest level since the summer of 2015. Only 2.6% traded below $70, a level considered to be higher in default risk. Overall, we believe defaults are likely to grind modestly higher in the coming year but remain low in a historical context. This view aligns with the latest S&P/LCD quarterly survey of loan managers, with the September report showing a consensus default rate expectation of 2.77% for September 2017.

While the attractiveness of the asset class may well trump other fixed income segments looking ahead, all-in-all market pricing indicates positive-but-nonetheless limited price appreciation potential from here. The average price of the Index ended August at $95.5, with performing loans bid at $99 or higher lifting to nearly 75% of outstandings by quarter end.

With literally trillions of investor dollars now in negative-yielding government bonds and the yield on U.S. Treasurys again near record lows, investors may continue to be drawn to the attractive yield of this floating-rate asset class. In fact, with 3-month LIBOR now close to the average floor in the loan market, the higher income potential that may follow the next Fed rate hike may soon draw investor attention. Looking ahead, we believe the market's technical balance remains tipped toward one of strength, and further out it appears the ability of the asset class to participate in a rising-rate environment may bode well for investors.

Credit Quality (%)10as of Sep 30, 2016

AAA 0.00
AA 0.00
A 0.00
BBB 4.90
BB 36.30
B 47.90
CCC or Lower 7.10
Not Rated 3.80
Total 100.00
Credit ratings are categorized using S&P. If S&P does not publish a rating for the High Income Opportunities Portfolio's securities, then the Moody's rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is currently available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in one or more affiliated investment companies (Portfolios). Unless otherwise noted, references to investments are to the aggregate holdings of the Portfolios. Top 10 Issuers and Sectors are shown as a percentage of Floating Rate Portfolio's total investments.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Purchases and sales of bank loans in the secondary market generally are subject to contractual restrictions and may be subject to extended settlement periods. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Scott Page is a vice president of Eaton Vance Management, co-director and portfolio manager with Eaton Vance’s Floating-Rate Loan Group.

Scott joined Eaton Vance in 1989 as an analyst with the group. He was promoted to lead the firm’s floating-rate loan practice in 1996. His previous experience includes an affiliation with the Dartmouth College Investment Office, as well as corporate finance/lending and credit review at Citicorp and Chase Manhattan Bank.

Scott earned a B.A. from Williams College in 1981 and an MBA from the Amos Tuck School at Dartmouth College in 1987. He is a CFA charterholder and has served as a member of the Board of Directors of the LSTA (Loan Syndications and Trading Association).

Scott's commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, Smart Money, Kiplinger's, USA Today, and The Wall Street Journal, and he has been featured on CNBC. He co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007).

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since inception

Biography
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Craig Russ is a vice president of Eaton Vance Management, co-director of the floating-rate loan group and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions and portfolio construction for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant’s Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College

Experience
  • Managed Fund since 2007

Biography
Michael W. Weilheimer, CFA

Michael W. Weilheimer, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1990

Michael Weilheimer is a vice president of Eaton Vance Management, director of the high-yield bond department and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 1990.

Mike began his career in the investment management industry in 1987. Before joining Eaton Vance, he was an analyst specializing in distressed debt securities at Cowen & Company and later at Amroc Investments, L.P.

Mike earned a B.S. from the from the University at Albany - SUNY and an MBA from the University of Chicago. He is a member of the CFA Institute, the Boston Security Analysts Society, the Dean’s Advisory Board, School of Business, University at Albany - SUNY and a member of the board of trustees for the University at Albany Foundation. He is a CFA charterholder.

Mike’s commentary has appeared in Barron’s, The Wall Street Journal, Reuters and USA Today.

Education
  • B.S. State University of New York at Albany
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since inception

Biography
Kelley G. Baccei

Kelley G. Baccei

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2014

Other funds managed
 
Biography
Stephen C. Concannon, CFA

Stephen C. Concannon, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Stephen Concannon is a vice president and portfolio manager on Eaton Vance’s high-yield team, also contributing to the firm’s multisector bond strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 2000.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Bates College

Experience
  • Managed Fund since 2014


Literature

Literature

Fact Sheet

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Commentary

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Floating-Rate Loan Funds Monthly Review

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Annual Report

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Floating-Rate Loan Chart Book

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Full Prospectus

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Holdings-1st or 3rd fiscal quarters-www.sec.gov

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Market Insight

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Eaton Vance Floating-Rate Loan Funds Recognized By Lipper; Awarded All Three Lipper 2013 U.S. Fund Awards for Loan Participation Classification

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SAI

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EXCLUSIVE CONTENT

Who Says You Can't Increase Yield

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Think Performance Think Eaton Vance

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Semi-Annual Report

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Summary Prospectus

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